J. Dinkins G. Grange is an attorney in Northeast Florida, helping his clients find solutions to their financial problems, which in some cases includes bankruptcy in some cases. This Blog contains general bankruptcy relevant information. His practice includes representing clients in various areas of civil litigation including Fair Debt Collection Practices Act, Chapter 7 and Chapter 13 bankruptcies, foreclosure defense and probate.

Monday, December 29, 2014

In 2009, Congress passed the Credit Card Accountability,
Responsibility, and Disclosure (CARD) Act, which requires issuers to
disclose to the CFPB the terms and conditions of any college credit
card agreement, the number of new credit card accounts, and the
compensation paid by issuers to institutions of higher education in
the previous year. In order for students and the public to identify
marketing agreements currently in effect, Congress further required
that colleges and universities also publicly disclose these
agreements. The CFPB is required to submit an annual report to
Congress about these agreements, and to make the report publicly
available.

The Consumer Financial Protection Bureau (CFPB) released
its annual report on college credit card agreements, which shows a
nearly 70 percent decline in the number of agreements since
Congress passed new disclosure requirements in 2009. These findings
highlight the trend of shifting from credit cards toward other
products such as debit and prepaid cards. The report also found that
most colleges with credit card agreements do not make those
agreements readily accessible to students and families. BRIEF HISTORY

A lack of transparency in the student loan and credit card markets
led Congress to enact reforms to help the public better understand
the marketing partnerships between colleges and lenders. In 2008,
Congress passed a law requiring schools to disclose preferred lender
arrangements with student loan providers and establish a code of
conduct for school officials.

REPORT

The CFPB found that:

College credit card agreements continue to decline:
In recent years, there has been a steady decrease in both the number
of college credit card agreements and open accounts. In 2009, some
1,045 agreements were in effect. In 2013, 336 agreements were in
effect; around a 70 percent drop.

College debit and prepaid card agreements are now
more common than credit card agreements: According to a
report from the Government Accountability Office, there were at
least 852 schools that had agreements with companies to market debit
or prepaid cards to students in 2013. Unlike credit cards, these
products do not have specific requirements in federal consumer
financial laws to disclose their marketing partnerships.

College credit card agreements are not readily
accessible: The CFPB reviewed 35 college and university
websites to determine if they made their credit card agreements easy
for students and families to find and access. The Bureau found that
80 percent of these institutions—28 of 35—do not put their
agreements, or information about how to request them, on their
websites.

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Jacksonville Bankruptcy Attorney -- J. Dinkins G. Grange, Esquire

I am a consumer bankruptcy attorney
helping people with their financial situations. As a bankruptcy lawyer, I help people find
various alternatives towards handling their financial problems, and
if needed, I can provide legal assistance to consumers seeking relief
under the bankruptcy code. I can be contacted by email at dgrange@grangelaw.org. I am available by appointment
during the week and most evenings.

I am located in Green Cove Springs on North Street, and Middleburg on Palmetto Street.

I am a member of the National
Association of Consumer Bankruptcy Attorneys (www.nacba.org),
Jacksonville Bankruptcy Bar Association, American Bar Association,
Florida Bar, and Jacksonville Bar Association.

I have also been designated a debt
relief agency by Congress and the United States Supreme Court and I
help clients file for bankruptcy relief under the bankruptcy code.

Disclosure:

We are a debt relief agency. We help clients file for bankruptcy relief under the Bankruptcy Code. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. This blog site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.